Shell Overhauls Business Units After New CEO Takes Over (2)

Shell Plc’s new chief moved to overhaul the energy major’s core business units just a month after taking the helm.

Shell will combine its integrated gas and upstream divisions, and merge its downstream and renewables units, it said Monday. It’s the second significant announcement in a week after Chief Executive Officer Wael Sawan launched a strategic review of the company’s struggling European home-energy retail unit.

Sawan is under pressure to boost shareholder returns that have lagged those of key competitors. There’d been speculation that a shakeup was on the cards after activist investor Dan Loeb called on the company ...